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Cardano (ADA) Price Analysis for September 24

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Sun, 24/09/2023 - 15:45
Cardano (ADA) Price Analysis for September 24
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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The cryptocurrency market is mainly trading neutrally on the last day of the week.

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Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has almost not changed since yesterday. Over the last week, the price has declined by 1.60%.

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Image by TradingView

On the hourly chart, the rate of Cardano (ADA) has set the local resistance level of $0.2462. If the daily candle closes near it, the price blast may lead to a test of the $0.2470-$0.2475 zone tomorrow.

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Image by TradingView

On the daily time frame, the price has not dropped much after a false breakout of the resistance level at $0.2465. While the rate is below that mark, there is still a chance to see a correction.

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However, if the upward move continues, traders are likely to see a test of the vital range of $0.25 next week.

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Image by TradingView

From the midterm point of view, the candle is about to close bearish again, which means that buyers have failed to seize the initiative. However, one should also focus on the bar closure in terms of the near levels. If it happens far from the support of $0.2380, there is a possibility to see a bounce back to the $0.25 area.

ADA is trading at $0.2458 at press time. 

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